How much should be reported as net cash
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ABC Co.’s income statement for the year ended December 31, 2019, reported net income of P360,000, amortization expense of P20,000 and
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- Kaila Company's financial statements show a net income of $567,000 in 2019. The following items also appear on Kaila's balance sheet: Depreciation expense $120,000 Accounts receivable decrease 36,000 Inventory increase 84,000 Accounts payable increase 24,000 Using the indirect method, what is Tu's net cash flow from operating activities in 2019?QueensLand Ltd. had the following operating results for 2021: sales = $20,200; cost of goods sold = $8,200; depreciation expense = $1,200; interest expense = $1,400; dividends paid = $600. At the beginning of the year, net fixed assets were $9,100, current assets were $3,200, and current liabilities were $1,800. At the end of the year, net fixed assets were $9,700, current assets were $3,850, and current liabilities were $2,100. The tax rate for 2021 was 34%. What was the OCF for the year 2021? a. $9,600 b. $7,604 c. $6,204 d. $8,804The AHAI Company's balance sheet of December 31, 2018 is given below: Accounts payable Notes payable Accrued wages and taxes Long-term debt Common equity Total liabilities & equity Cash Accounts receivable Inventory Net fixed assets Total assets O a. $6 O b. $7 O c. $8 O d. $40 O e. $5 $10 25 40 95 $170 $20 25 15 30 80 $170 Sales during the past year were $1,000, and they are expected to increase to $2,000 during 2019. AHAI's fixed assets were used to 60% of capacity during 2018, but its current assets were at their proper levels. All assets except fixed assets increase at the same rate as sales, and fixed assets would also increase at the same rate if the current excess capacity did not exist. Assume that AHAI's profit margin will remain constant at 4.25 percent and that the company will continue to pay out 40 percent of its earnings as dividends. What amount of additional funds (AFN) will be needed during the next year assuming the company would use up the excess capacity before…
- The balance sheets for Mary Company showed the following information. Additional information concerning transactions and events during 2021 are presented below. Mary CompanyBalance Sheet December 31 2021 2020 Cash $ 31,209 $ 10,302 Accounts receivable (net) 43,733 20,503 Inventory 35,350 42,420 Long-term investments 0 15,150 Property, plant & equipment 238,865 151,500 Accumulated depreciation (38,077) (25,250) $311,080 $214,625 Accounts payable $ 17,170 $ 26,765 Accrued liabilities 21,210 17,170 Long-term notes payable 70,700 50,500 Common stock 131,300 90,900 Retained earnings 70,700 29,290 $311,080 $214,625 Additional data: 1. Net income for the year 2021, $61,610. 2. Depreciation on plant assets for the year, $12,827. 3. Sold the long-term…Jones Corp. had a total asset turnover of 4.0 in 2019 and had sales of $10.0 million. If the corresponding statement of financial position or balance sheet reported shareholders’ equity of $1.4 million, what were the total liabilities for Jones Corp.?The current sections of Larkspur, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur, Inc.’s net income for 2022 was $221,850. Depreciation expense was $39,150. 2022 2021 Current assets Cash $152,250 $ 143,550 Accounts receivable 116,000 129,050 Inventory 243,600 249,400 Prepaid expenses 39,150 31,900 Total current assets $551,000 $553,900 Current liabilities Accrued expenses payable $ 21,750 $ 7,250 Accounts payable 123,250 133,400 Total current liabilities $145,000 $ 140,650 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
- Given the data in the following table, the entry for Inventories on the 2023 common-sized balance sheet was %.Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest expense of $6 million and income tax expense of $32 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2021 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages Debt to equity ratio Current ratio Acid-test ratio. Times interest earned ratio Return on assets Return on equity Profit margin on sales Gross profit margin (gross profit divided by net sales) Inventory turnover Receivables turnover Assets Current assets Cash CADUX CANDY COMPANY Balance Sheet At December 31, 2021 (All values are in millions) Required: Prepare a December 31, 2021, balance sheet for the Cadux Candy Company. (Enter your answers in millions. Round your intermediate calculations…The 2021 income statement of Adrian Express reports sales of $19,310,000, cost of goods sold of $12,250,000, and net income of $1,700,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2020 $ 700,000 $ 860,000 1,600,000 1,100,000 2,000,000 1,500,000 4,900,000 4,340,000 $9,200,000 $7,800,000 $1,920,000 $1,760,000 2,400,000 2,500,000 1,900,000 1,900,000 2,980,000 1,640,000 $9,200,000 $7,800,000 Industry averages for the following profitability ratios are as follows: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 45% 25% 15% 2.5 times 35% Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your…
- Based on the accounting records, the total assets book value as of January 1, 2021 is P1,875,362.99 but due to inflation the current cost is determined to be P1,990,800.21 while the total liabilities is P988,123.54 as of January 1, 2021. The company received additional investments of P651,345.22 during the year while dividends declared and paid is P450,650. At the end of the year, the books reported Total assets of P2,992,748.55 and liabilities of P1,555,661.24. What is the net income (loss) under the physical capital concept?The 2021 income statement of Adrian Express reports sales of $15,642,000, cost of goods sold of $9,351,500, and net income of $1,590,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 Common stock Retained earnings Total liabilities and stockholders' equity Average collection period Average days in inventory Current ratio Debt to equity ratio Industry averages for the following four risk ratios are as follows: Risk Ratios Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days 2 to 1 50% days days 2021 Required: 1. Calculate the four risk ratios listed above for Adrian Express in 2021. (Use 365 days in a year. Round your answers to 1 decimal place.) to 1 % 2020 $ 590,000 1,380,000 $750,000 990,000…n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400
